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SGF steps up profits with 54.2% YoY surge in Q12024

SGF steps up profits with 54.2% YoY surge in Q12024
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April 29, 2024 (MLN): Service Global Footwear Limited (PSX: SGF) reported its profit and loss statement for the quarter ended on March 31, 2024, wherein it registered a surge of 54.2% YoY in profits as the profit after tax clocked in at Rs385.61 million [EPS: Rs1.87] compared to a profit of Rs250m [EPS: Rs1.22] in the same period last year (SPLY).

Going by the results, the company's net revenue from contracts with customers marked an increase of 26.60% YoY to Rs4.54 billion as compared to Rs3.58bn in SPLY.

The gross profit of the company improved by 16.63% YoY to Rs828.58m during the review period.

On the expense side, the company observed a rise in distribution costs by 33.92% YoY and other expenses by 16.87% YoY to clock in at Rs172.69m and Rs18.7m respectively during the review period.

Likewise, the administrative expenses of SGF increased to Rs172.69m, reflecting a growth of 18.76% YoY.

The statement of profit and loss further displays that profit from associates was a crucial contributor to the company's profit growth, as it witnessed an inflow of Rs362.16m in the review period, compared to a meagre profit of Rs1.99m recorded in the corresponding period last year.

Other income of SGF plummeted by 79% YoY to stand at Rs43.6m.

On the financing front, the company’s finance costs decreased by 5.23% YoY to stand at Rs200.73m.

The company bared a tax expense of Rs161.31m against the Rs74.91m paid in the corresponding period of last year, depicting an increase of over 2x YoY.

Unconsolidated Financial Results for the Quarter ended March 31, 2024 (Rupees in '000)
  March 2024 March 2023 % Change
Revenue from contracts with customers – net 4,541,895 3,587,727 26.60%
Cost of sales -3,713,308 -2,877,266 29.06%
Gross Profit 828,587 710,461 16.63%
Distribution costs -295,825 -220,900 33.92%
Administrative expenses -172,698 -145,413 18.76%
Share of net profit / (loss) of an Associate 362,165 1,992
Other Income 43,608 206,205 -78.85%
Other expenses -18,173 -15,550 16.87%
Finance cost -200,734 -211,817 -5.23%
Profit before taxation 546,930 324,978 68.30%
Taxation -161,316 -74,914 115.33%
Net profit for the period 385,614 250,064 54.21%
Basic earnings/ (loss) per share  1.87 1.22 53.28%

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Posted on: 2024-04-29T15:37:35+05:00